The nation gets a holiday season break and roughly three months of political theater before the economy lands back on the fiscal-debate chopping block.

If there is one item holding any widespread agreement, it's that the only hope for success in the latest round of fiscal negotiations – due date, early 2014 – is the re-emergence of the art of compromise in national politics.

Skeptical? Me, too!

That's because this will not be easy. To prove that, I imagined myself in the compromise zone. How would I act? What might I think? And, bottom line: Where am I willing to give in?

Not that anybody would listen to me, but I cobbled together a list of key economic battlegrounds where I could give in. (Yes, I'd want something in return!) I do this to stir your own thinking: What would you surrender to stop the continuous fiscal game-playing that hurts our broad economy? (Armed insurrection is NOT on the bargaining table!)

This hurts a bit to give up secrets, but here are my negotiating soft spots:

• Zap annual deficits. I'd argue that the economy still is too wobbly to fully take away the boost it gets from federal budget deficits. The ridiculous cycle of Washington fiscal fights does nothing to stimulate confidence within the business climate. But if it's actually compromise season, lawmakers could smartly eliminate the annual federal deficit – both with added revenue and budget cuts – in a reasonable time frame, say by decade's end. That may not be too catastrophic.

• FixSocial Security. So many people need this retirement cash flow. It would be unfair to make any across-the-board cuts in benefits to improve this program's relatively decent fiscal health. Equating Social Security benefits to a recipient's income does make it feel like a welfare program, but we all must rethink priorities. It would be impossible to cut benefits for current or soon-to-be recipients. Pruning long-term benefits seems to hurt the ones we're supposedly trying to protect, younger Americans. So I'd agree that some sort of means testing, trimming benefits to those who really don't need this money, could be the type of compromise that could put Social Security on firmer financial shape.

• OverhaulMedicare. If somebody has a grand idea that would draw all sides into a rational debate about health care, especially for our aging population, I am all ears. The government must find a way to limit the relative blanket coverage of today's Medicare program without creating painful gaps in services. That will be tricky. A far greater level of financial participation by beneficiaries may be needed. Again, trimming benefits for well-heeled retirees might be part of the solution for the sake of compromise.

• Endmortgage deduction. I've stepped on the supposed third-rail of politics. Potential fixes might include some change to the scope of the deduction, such as limiting its use for second homes. That could hurt housing in a market with significant interest in second homes like Orange County. I will assume that reasonable people can figure out a way to limit the cost of this home-mortgage incentive without doing huge damage to the residential real estate market. But that's the price of being an adult: the willingness to negotiate differently.

• Cutcorporate taxes. Please, somebody tell me how big companies already sitting on historically high levels of cash with near-record high profit margins need much help. But in the spirit of compromise, I would be willing to back certain changes in business tax law that rewarded companies that either invested in their domestic operations or employees or repatriated various sums of cash or assets back to the United States. The devil – in a big way in this case – would have to be in the details. I, for one, do not want this to translate to yet another corporate giveaway.

• Reviewdisaster aid. Let's rethink all federal help for victims of all sorts of natural disasters, from individuals to businesses. This could include the creation of a national disaster insurance system, done in a spirit that's not harsh. With compromise in the air, think of ways to limit Uncle Sam's outlays while aiding people who are truly blindsided by truly unforeseen catastrophe. Meanwhile, make sure those who skipped on available insurance pay some price for their irresponsibility.

Now it is your turn. Send me your ideas on what economic issues you might bargain on – and why – to the email address below. Remember, it's compromise – not bashing the other side.

If I get enough good ideas, I'd be more than willing to share them in this space on another day. I look forward to healthy debate and well-earned compromise.

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